re: Trump owes lenders $450 million yet there were no complaints from the lenders.

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That doesn’t make it any better. I’d be embarrassed to file once let alone 6 to 8 times

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I’d be more embarrassed that you don’t understand the competitive advantage that the Chapter 11 bankruptcy laws provide our economy.

Here’s some light reading from HBR to educate yourself. Don’t worry, they lean hard left these days.

I assure you after almost 20 years of dealing with NY banks that they were quite aware of the valuations and any overrepresentation. They have whole departments that look at this sort of thing .

If there was fraud, they participated and were just fine with the valuations presented.....including his penthouse and Mar a Lago which might have been a little high, but not out of the realm of reasonable.

So this judge used a law that has never been used before that allows the state to come in and arbitrarily decide property values?

And…it just so happens that Trump is the first offender?

It has seldom been used and generally after a bank bitches about being defrauded.

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It has seldom been used

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Holy crap! You’re right, It has been used. How are any businesses still in NYC?

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The law, often referred to by its shorthand, 63(12), which stems from its place in New York’s rule book, is a regulatory bazooka for the state’s attorney general, Letitia James. Her office has used it to aim at a wide range of corporate giants: the oil company Exxon Mobil, the tobacco brand Juul and the pharma executive Martin Shkreli.

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That might seem unusual, but under 63(12), such evidence was not necessary to find fraud.

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https://www.nytimes.com/2024/02/16/nyregion/trump-fraud-trial-ny-law.html

The law has been on the books since 1950 and a search came up with maybe 150 times 63(12) has ever been used and in all but maybe 1 it was in conjunction with another complaint made by a non state actor like people who were defrauded by a non profit that said it would pay for mammograms but instead just paid themselves. There was a case in 1972 where something like this happened wherein a a company writing term papers for college students was sued by the state.....no victims, the state cited educational integrity.

This was a money grab.

Again, Trump committed no crime yet gets punished while corrupt Joe & crackhead Hunter blatantly commit fraud & get celebrated by the media.

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I assure you after almost 20 years of dealing with NY banks that they were quite aware of the valuations and any overrepresentation. They have whole departments that look at this sort of thing .

If there was fraud, they participated and were just fine with the valuations presented.....including his penthouse and Mar a Lago which might have been a little high, but not out of the realm of reasonable.

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I don’t know the details of what happened and yes the bank should do their own valuations from a third party. But this isn’t just a run of the mill Fannie loan so I have no idea what they do with them.

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You'll hamstring banks, but more importantly you'll hamstring borrowers and create a credit crunch if used like this

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I made this point in another thread without knowing they used a real and enforceable law. The banks have to be bitching about this. I’m sure there will be repercussions filtering down through the legislature.

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I don’t know the details

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That was enough.

Perhaps you should educate yourself before opining on the subject matter.